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Paramount Gold and Silver 10% Higher After Fresh Drilling Suggest Expanding Resource

Paramount Gold and Silver Corp. (PZG.TO) is near its high for the day at $2.95 a share, up nearly 10%, after saying new core drill results for the Sleeper gold project in Nevada likely increased the grade of the Facilities Zone resource as well as confirming the presence of gold mineralization in a new area.

The new mineralization zone, the Sleeper South Extension Zone, is located south of the historical pit and under the south waste dump. The company last week said new resource estimates found measured and indicated resource of 2.6 million ounces of gold and 25.3 million ounces of silver and an additional inferred resource of 1.1 million ounces of gold and 8.2 million ounces of silver at the Sleeper project.

The more recent drill results were not included in those estimates.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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